Microsoft's 10,000 job cuts didn't quite do the trick
reported a net profit of $18.29 billion up from $16.72 billion. Revenue grew from $49.36 billion to $52.85 billion, although this does represent a slowdown.data
from job consultants Challenger, Gray and Christmas. On a less optimistic note, the outfit also noted that despite the drop, June's total – for"the sixth time this year" – still shows cuts being higher than they were the corresponding month a year earlier. The career consultants said technology was"leading in job cut announcements" for US-based employers this year with 141,516 job roles lost so far, up 2,353 percent from the 5,769 cuts announced in the same period last year. 2023 now has the"second-highest total for the sector ever" with only 2001, the year of the"tech bubble" recession, having more. That year, 168,395 cuts were announced in technology.
"The drop in cuts is not unusual for the summer months. In fact, June is historically the slowest month on average for announcements. It is also possible that the deep job losses predicted due to inflation and interest rates will not come to pass, particularly as the Fed holds rates," said senior veep Andrew Challenger. ®
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